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Canadian short seller makes a killing on Valeant’s stock swoon Add to ...

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Short sellers take a lot of heat, particularly when someone such as Bill Ackman is on the other side of the trade, Jerome Hass says.

So when the partner at Lightwater Partners, a Toronto-based hedge-fund manager started talking about betting against Valeant, and indirectly, the famous activist investor himself, Mr. Hass heard from some of the drug company’s shareholders directly. “It was certainly pointed out to me that Bill Ackman was a lot smarter than I was, and a lot richer,” Mr. Hass said. “I don’t dispute that, but I just disagreed on this one.”

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